New York Mortgage Recording Tax: NYC, Long Island and Westchester Rates
New York’s mortgage recording tax runs from 1.05% on Long Island to 2.8% on large NYC loans. The rate by county near NYC, and when a refinance avoids it.
By Seayora Editorial Team · Published · Facts checked · 3 min read
Short answer: New York taxes a mortgage when it is recorded. Statewide the tax is a basic 50 cents, a special additional 25 cents and an additional 25 or 30 cents per $100 of debt, so $1.05 per $100 in the commuter counties around New York City. Westchester and Rockland add a county tax for $1.30, Yonkers totals $1.80, and New York City adds its own tax for a total of 2.05% to 2.80%. A supplemental mortgage that secures no new money is generally exempt.
Key takeaways
- Nassau, Suffolk, Putnam, Orange and Dutchess: $1.05 per $100 of mortgage debt.
- Westchester outside Yonkers and Rockland: $1.30 per $100; Yonkers: $1.80.
- New York City: 2.05% under $500,000; 2.175% for one- to three-family homes and condo units at $500,000 or more; 2.80% for other mortgages at $500,000 or more.
- Tax Law § 255 exempts a supplemental mortgage, such as a consolidation, except to the extent it secures new or further debt.
How is the mortgage recording tax calculated?
The tax is charged per $100 of the principal debt secured by the mortgage when the mortgage is recorded. Statewide it has three parts: a basic tax of 50 cents, a special additional tax of 25 cents and an additional tax of 25 cents, or 30 cents in the Metropolitan Commuter Transportation District. Some counties and cities add a local tax of 25 to 50 cents. For one- or two-family residences, the first $10,000 of debt is deducted when computing the additional tax (NYS Department of Taxation and Finance). The district covers New York City and the counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester.
What is the rate where your property is?
| Where the property is | Mortgage | Total per $100 | As a percentage |
|---|---|---|---|
| Nassau, Suffolk, Putnam, Orange, Dutchess | All | $1.05 | 1.05% |
| Westchester, outside Yonkers | All | $1.30 | 1.30% |
| Yonkers | All | $1.80 | 1.80% |
| Rockland | All | $1.30 | 1.30% |
| New York City | Under $500,000 | $2.05 | 2.05% |
| New York City | One-, two- or three-family house or individual residential condo unit, $500,000 or more | $2.175 | 2.175% |
| New York City | All other mortgages of $500,000 or more | $2.80 | 2.80% |
The Yonkers rate includes Westchester’s 25-cent county tax (Form MT-15). In New York City the city tax is $1.00 per $100 under $500,000, $1.125 on one- to three-family homes and condo units at $500,000 or more, and $1.75 on all other mortgages at $500,000 or more, on top of the state’s $1.05.
What would a typical mortgage cost to record?
- An $800,000 mortgage on a condo unit in Queens: 2.175% × $800,000 = $17,400.
- A $600,000 mortgage on a house in Nassau County: 1.05% × $600,000 = $6,300, less the deduction of the first $10,000 from the 30-cent additional tax for a one- or two-family residence ($30), so $6,270.
- A $3 million mortgage on a Brooklyn apartment building: 2.80% × $3,000,000 = $84,000.
Do co-op loans pay the mortgage recording tax?
No. A loan to buy co-op shares is secured by the shares and the proprietary lease, not by a recorded mortgage on real property, and the Department of Finance notes that mortgages on individual cooperative apartments do not incur liability under the city tax. The co-op corporation’s own building mortgage is taxed when it is recorded.
Can you avoid the tax when you refinance?
Partly. Refinancing an existing mortgage is generally subject to the tax, but Tax Law § 255 exempts a supplemental instrument, such as a consolidation, extension and modification of an existing recorded mortgage on which the tax was paid, except to the extent it secures new or further indebtedness. That is why lenders in New York often assign and consolidate the existing mortgage rather than pay it off: tax is due only on the new money. In New York City there are added limits on spreading a mortgage to property not covered by the original one.
Frequently asked questions
What is the mortgage recording tax on Long Island?
In Nassau and Suffolk counties it is $1.05 per $100 of mortgage debt, or 1.05%, with the first $10,000 deducted from the additional tax for a one- or two-family residence.
What is the mortgage recording tax in NYC?
2.05% on mortgages under $500,000, 2.175% on one- to three-family homes and condo units at $500,000 or more, and 2.80% on other mortgages at $500,000 or more.
Is there mortgage recording tax on a co-op?
No mortgage recording tax applies to a loan on individual co-op shares, which is not a recorded mortgage on real property.
Sources
- Mortgage recording tax, New York State Department of Taxation and Finance
- Form MT-15, Mortgage Recording Tax Return (rate tables), New York State Department of Taxation and Finance
- N.Y. Tax Law § 255, Supplemental mortgages, New York State Senate
How Seayora helps
Property management accounting: Record financing costs against each property so they reach the right return.
This article is general information, not tax advice. Tax rules change and your situation is your own, so confirm the treatment with a CPA or enrolled agent before you file.
How we write and check these guides: editorial standards.
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